Updated 5 days ago on . Most recent reply
Binder method , 120 days notice
Scenario: inherited long term tenant, lease expires at the end of December.
you want to raise rent but need 120 days notice per chicago ordinance.
lets say you want to try the binder method with this tenant. You have initially asked if they intend to renew but they said they are thinking about it.
How do you approach this? Do you give the notice now so you have start the 120 days until the new price? Do you attach the binder to the 120 days notice? How much time do you give your tenant to respond?
Do tenants have to notify you by a certain date if they don't intend to renew?
TIa, newbie landlady
Most Popular Reply
Hey there @Maya Jones - Could you explain what the binder method is? I'm also not familar with it.
Either way, I would give them notice ASAP and EXPLAIN WHY. If you are making a significant jump, provide some details of current rental comps that they understand, why the increase is so steep.
Chicago is tricky, so definitely make sure you follow the notice requirements.
Just curious, what is your current communication and relationship with the tenants like?
- Jonathan Klemm
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